Banking News

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With the current economic environment asking savers far more questions than it gives answers, it is good to know that there are alternatives available. We take a look at one such alternative that is proving particularly popular as savers face the harsh reality that the more traditional fixed rate savings products are failing to meet their needs. more

Millions of savers are facing the harsh realisty that there is little hope of change to interest and savings rates in the coming years. However, those with Cash ISAs do have one further option to consider – the ISA transfer. We take a closer look at why this is becoming a rising trend as well as what this could mean for those looking for the potential to improve the returns from their capital. more

With so many savers joining income investors in the hunt for high yields, being able to quickly understand and compare the numerous options available has become even more important. We therefore compare two of our most popular income investments to help understand what is driving their popularity and why they might meet your income needs. more

Best savings accounts only available online

28 September 2010 / by Paul Dicken

Savings accounts offering the best interest rates and the cheapest travel insurance deals are only available to those with internet access, an investigation by a consumer group has found.

Which? said four million people in the UK are without access to the internet (based on figures from the Department for Work and Pensions) with those four million missing out on the most competitive deals offered by companies.

The investigation showed that an online saver could be 37 per cent better off over a year compared to a branch-only saver.

It found the average rate for instant access savings accounts available in a branch is just 0.56 per cent, half of the average available on the internet: 1.14 per cent.

Which? chief executive, Peter Vicary-Smith said: "Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result."

Vicary-Smith urged banks to offer terminals in high street branches for customers to use for accessing online deals.

The difference between the best online travel insurance deal and the best high street deal was 355 per cent, Which? added.

The investigation by Which? found that a 65-year-old could find an annual worldwide insurance policy for £38 with multitrip.com but the best buy available on the high street was under the Co-operative Insurance home options policy at £173.

Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 5% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer.

MARKET LEADING. Earn 1.30% gross/AER. Instant Access. No notice periods. Unlimited payments and withdrawals. Pay in from £100. RCI Bank are protected up to a total of €100,000 by the FGDR, the French deposit protection scheme. Manage account online.